Future of East Sussex Paperchase branches unclear despite national chain’s rescue deal
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Around 1,000 jobs have been saved after stationery chain Paperchase was bought out of administration by newly incorporated company, Aspen Phoenix NewCo.
This has come after sales took a hit due to low footfall caused by the pandemic.
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Hide AdThe sale means that 90 out of 127 stores will be saved, with 1,000 of its 1,500 staff members being able to keep their jobs too.
Despite this, the retailer is currently unable to confirm which stores will be affected.
Some 37 store will close following the sale, something the chief executive Olly Raeburn has been described by as a ‘tough but necessary decision’ to safeguard the future of the business.
The chain has a branch in The Beacon in Eastbourne and The Friars in Lewes.
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Hide AdMr Raeburn said, “The cumulative impact of lockdowns and related restrictions means that it is imperative we make this tough but necessary decision to safeguard Paperchase’s future.
“In taking this action, we are giving ourselves the best opportunity to ensure that the business is fit for purpose in this new retail environment. We have been in close dialogue with all of our stakeholders through this process and are grateful for their continued support.
“We, of course, recognise that this affects many of our colleagues and we will do all we can to assist them during this difficult time.”